CANBERRA: Chicago wheat futures climbed on Monday, supported by a weaker dollar and expectations that supply from top exporter Russia will fall this month.

Corn and soybean futures also gained amid solid U.S. export sales.

 

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade was up 0.6% at $5.71-1/2 a bushel, as of 0129 GMT, while CBOT soybeans rose nearly 1% to $10.02-1/4 a bushel and corn climbed 0.5% to $4.16-1/2 a bushel.

* All three contracts fell to four-year lows in recent months, but have regained some ground as supply threats emerged.

* The U.S. dollar, which strengthened sharply in October, has begun to weaken again, making dollar-priced U.S. crops more attractive to buyers with other currencies.

* Russian wheat exports are set to decline in November from record highs seen last month amid new export restrictions and reduced demand, analysts said.

* Rainfall over dry regions of the United States have boosted the outlook for wheat production, but dry conditions have hit other major producers including Russia, Argentina and Australia.

* Strong export demand is underpinning soybean and corn futures, with buyers attracted by low prices as U.S. farmers wrap up one of the largest harvests in history.

* Speculators who as recently as July held a massive net short position in CBOT corn have reversed course and are now their least bearish since the beginning of August 2023.

MARKETS NEWS

* Global stock indexes climbed on Friday with Amazon.com shares rallying following the company's stronger-than-expected results, while 10-year Treasury yields hit a four-month high as investors grew wary of buying bonds before the U.S. presidential election on Tuesday.

(Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips)